anonymous
  • anonymous
Paul deposited $6,460 into a savings account 17 years ago. The account has an interest rate of 4.3% and the balance is currently $13,400.91. How often does the interest compound?
Mathematics
schrodinger
  • schrodinger
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anonymous
  • anonymous
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anonymous
  • anonymous
the interest is in one year,month?
anonymous
  • anonymous
The basic formula is \[A = P(1 + \frac{r}{n})^{nt}\] The n is there if the interest is compounded n times per year, but let us assume that it is not---the interest is compounded annually. OK?

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anonymous
  • anonymous
Scratch the assumption. we have \[13400.91 = 6460(1 + \frac{0.043}{n})^{17n}\]

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